Kansas October tax revenues surpass estimate

Receipts for total tax revenues in Kansas raised 11.7 percent over the October estimate, bringing in an additional $62.6 million. The month rolled in 7.9 percent more than the previous October, with individual income, corporate income and retail sales tax collections all up.

The State of Kansas continues to see revenue growth over the same month of the last fiscal year. October’s total tax receipts were $596.6 million, an 11.7 percent or $62.6 million increase over the estimate. That is 7.9 percent, or $43.6 million, more than October of Fiscal Year 2020.

“As the COVID-19 pandemic continues to impact Kansans and threaten our state’s economic uncertainty, Congress must pass an economic relief bill,” Gov. Laura Kelly said. “While the positive revenue trends are encouraging, the future of this revenue growth will be tied to the support we get from Washington and to every Kansas community using the tools we know work to slow the spread of COVID-19.”

Individual income tax collections were $283.6 million, a 9.1 percent, or $23.6 million, increase from the estimate. That is 9.1 percent, or $23.6 million, more than collected in October of FY 2020. Corporate income tax collections were 74.0 percent, or $11.1 million, more than estimated with $26.1 million collected. That is a 0.5 percent, or $138,011, decrease from last October.

Retail sales tax collections were up $13.0 million from the estimate with $211.0 million collected. Those collections are 5.1 percent, or $10.2 million, more than the same month last fiscal year. Compensating use tax collections were $50.7 million. That is a double-digit growth of 30.0 percent, or $11.7 million, more than the estimate. Those collections were also 21.6 percent more than the previous October.